United States company Fluor, specialized in projects for the oil and gas industries, expects to double the size of its business in Spain, from where it plans to coordinate expansion into new geographical areas, and finish 2010 with revenues of 300 million euros, compared to 150 million in 2007, and a workforce of around 1,600.
The Chief Executive of Fluor Spain, Pedro García, explains that the company aims to profit from a “sweet moment” in the sector in order to enlarge its activities in Spain and in new geographical areas such as Northern Africa (Nigeria, Algeria, Libya), other countries in Southern Europe (Italy, Portugal and France) and South America (Argentina, Bolivia and Brazil).
García went on to explain that the expansion to these new zones, where several projects are already in the pipeline, will be led from Spain and will contribute to meeting the forecast for revenues of 300 million euros and 1,600 employees in 2010. These figures would mean the company would become the largest in the sector in the Spanish market, ahead of Técnicas Reunidas.
"We have come to stay", emphasized Miguel Ángel Gómez, business development director for Europe at Fluor, present in the Spanish market since 1989, and currently participating in major projects such as the expansion of the Repsol YPF refinery in Cartagena (Murcia), with an investment of 3,200 million, and the Enagás Natural Gas Processing Plant in the El Musel port of Gijón.
Over the next two years, as well as continuing in these businesses and strengthening their presence in renewable energies, Fluor’s goal is to diversify its activities and enter new areas such as infrastructures, telecommunications and the car industry.
"We believe in our organic growth but do not rule out takeovers in order to continue our development ", says Gómez, having explained the fact that the company is currently studying the purchase of a company in Catalonia. He would not divulge further information concerning the operation.
As for the impact the current economic situation could have on the plans of Fluor, the directors of the multinational all agreed that their business development plans would not be affected because of the diversification of activities and the investments in new exploration brought on by the high price of crude.
"We are not seeing our figures fall at all. Data for the first quarter have been good” added García.
Fluor, the largest industrial engineering and construction services company in the United States closed 2007 with a portfolio of projects worth 30,000 million dollars (19,381 million euros at current exchange rates), revenues of 16,700 million dollars (10,789 million euros) and profits of 533 million dollars (344 million euros).
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